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Africa’s richest man, Aliko Dangote lost $900 million on Friday as the Dangote Industries Limited emerged the biggest loser at the end of trading on the Nigerian Stock Exchange.
This mammoth lost was contained in a report of the Bloomberg Billionaire Index, a ranking of the 500 richest people in the world.
The report stated that Dangote saw his wealth fall from an estimated $18.4 bn on Thursday to $17.5 bn on Friday. This fall pushed him eight places in the Bloomberg Billionaire Index, making him move from 106th to 114th on the world rich list.
Also, the share price of Dangote Cement plc, fell from N244.90 on Thursday to N225 on Friday.
Despite the fall, Dangote remains the richest man in Africa and the only Nigerian on the list.
“The majority of Dangote’s fortune is derived from his 86 per cent stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries,” Bloomberg said.
The report however did not evaluate the cost and value $12bn refinery that is presently undergoing construction.
“A $12bn oil refinery that is currently being developed in Nigeria isn’t included in the valuation because it’s not yet operational and construction costs are calculated to outweigh its current value,” the report said.